SCHEDULE 7Fees

PART 5Fees relating to a wholesale dealer’s authorisation

Application for a wholesale dealer’s authorisation

34.

(1)

The fee for an application for a wholesale dealer’s authorisation is —

(a)

£1,510, or;

(b)

£620 if the application is accompanied by an estimate that the first year’s turnover will be less than £40,000.

(2)

If the applicant paid a fee of £620, he shall send a declaration of his turnover for the first year of trading on the anniversary of the grant of the authorisation, and if the figure is more than £40,000 he shall pay the balance of £890 within 30 days.

(3)

If the applicant paid £1,510 but his turnover for the first year of trading was lower than £40,000, if he sends a declaration certifying the turnover, the Secretary of State shall refund the excess.

(4)

Nothing in this paragraph limits the powers of an inspector to examine financial records.

(5)

For the purposes of this paragraph, “turnover” has the same meaning as paragraph 36.